Comments on: Canada’s Bank Regulator Says Smaller Down Payments Would Sacrifice Safety: OSFI

By: Alli

Alli — Fri, 26 Nov 2021 05:08:06 +0000

In reply to Felix. How come there is never any talk about how easy it is to get credit AFTER getting a mortgage? Sure, there is the mortgage stress test but there’s no new “new car loan stress test” which is easy peasy debt to get approved for. How many people go buy new cars or finance new furniture immediately after purchasing a house or renewing their mortgage?

By: Felix

Felix — Fri, 26 Nov 2021 01:19:00 +0000

In reply to Jimmy. Absolutely not true. First-time buyers have been the smallest of the segments since before the stress test was added. The market is mostly investors and upgrades at this point.

By: SH

SH — Fri, 26 Nov 2021 01:10:08 +0000

In reply to Average Man. And raise immigration to 10 million a year and lower cutoff scores to zero. At this point, who cares? Canada’s low value economy and endemic corruption already make it structurally 3rd world. Might as well complete the transformation.

By: V

Thu, 25 Nov 2021 23:25:53 +0000

Yeah maybe if people didn’t listen to Al Sinclair from Remax, they would have put a condition and would not be going through this negative situation. Seriously, what kind of agent tells people not to have conditions like a home inspection. This behaviour is dispicable! These Realtors need to be held accountable, most are crooks!

By: Jimmy

Jimmy — Thu, 25 Nov 2021 22:43:55 +0000

The stress test IS the reason lower income earner applicants just missed out on the mega housing gains over the last 3-4 years.

The government single handedly, successfully, kept the low-income earners of this country in their own societal state.

Had the stress test not been set in place, a lot of these low-income esrning Canadians would have $500k+ increases on their houses within a couple of years, something they’ll never be able to get through any other method.

Maybe that’s why the casinos are full of high-income and low-income earners these days. One group is getting dragged through the mud while the other group is washing themselves clean.

Jimmy

By: Heather

Heather — Thu, 25 Nov 2021 21:53:28 +0000

If some mortgage lenders hand over money without a stress test and the market bottoms out, shouldn’t the lender have to eat the loss? It shouldn’t be the tax payer.

The lenders and banks are casinos and we know how that works – the house always wins.

By: Average Man

Average Man — Thu, 25 Nov 2021 20:26:31 +0000

Eff it. Zero down, 50 year terms, LFG. Either we all get rich or the system burns to the ground. Either option is fine by me.

By: Van YIMBY

Van YIMBY — Thu, 25 Nov 2021 18:58:03 +0000

His rant on immigration and supply being the greatest risk to the financial system was some wild stuff. I can’t believe that was real commentary because it was very clearly him pumping up his partisan background (yes, he was a former Liberal Party staffer).

By: Party on

Party on — Thu, 25 Nov 2021 18:47:48 +0000

A litigation lawyer says she's seen a "significant increase" in the number of clients who purchased a home with no conditions and are now seeking legal recourse for problems that popped up after moving in. The hot housing market in several Canadian cities, including Ottawa, has led to many people submitting offers without conditions and sometimes without even seeing inside the home." https://www.cbc.ca/news/canada/ottawa/buyers-with-no-condition-offers-seek-legal-recourse-1.6261365